Vietnamese electric vehicle manufacturer VinFast made a buzz this week with its listing on NASDAQ, having sold nearly 3,000 vehicles to North America since the end of last year.
On Tuesday of this week, VinFast's stock price soared after its listing on the US market, at one point taking the startup's market valuation to $85 billion, even surpassing traditional automotive giants like Ford and General Motors. However, by the close of Thursday, VinFast's stock price had fallen by 33.6% to $20.
VinFast initially adopted a direct-to-consumer sales model similar to Tesla's, but the company has started to shift this strategy, planning to sell through dealerships instead, sparking interest among dealers. Several US dealers are open to the idea of partnering with VinFast to sell its vehicles but stated they need more details about VinFast's plans, including sales strategies, dealership requirements, parts distribution plans, and vehicle warranty policies.
VinFast's executives say that in addition to direct sales to customers, the company will also collaborate with dealers to open new sales outlets in North America and other global markets. VinFast CEO Le Thi Thu Thuy said on Tuesday that teaming up with other partners, as opposed to just direct sales to consumers, could accelerate the company's growth.
As of June, VinFast has opened 122 showrooms worldwide, most of which are in the western United States. The company is working on expanding its operations by negotiating with several car dealers to discuss further collaboration details and methods. However, George Glassman, president of Glassman Automotive Group, mentioned that while there's potential for introducing more car brands, it's still too early to discuss a partnership with VinFast as more details are needed.
Some US dealers pointed out that there are many unresolved issues with partnering with VinFast, but we are advancing the terms of the new model and discussing with potential partners, with more details to be revealed when appropriate.